State gas taxes in New Jersey will rise to 50.7 cents per gallon. Gas consumption is down in the COVID-19 recession, triggering a hike under a state formula.
New Jersey's gas tax rises each year as sales decline, to ensure the state a steady level of revenue. The stay-at-home order has made gasoline sales shrivel.
Gasoline sales continue to decline in New Jersey, raising the possibility of another gas-tax hike this fall. The Murphy administration thinks it can be avoided.
New Jersey's gas tax will increase 4.3 cents a gallon on October 1, the state Treasury Department announced. At 41.4 cents, it will be sixth highest in the nation.
This week we got word that gas tax collections have fallen behind expectations in the Garden State, which means the gas tax could be increased by 3 or 4 cents a gallon this fall.
A handful of changes in state law take effect as 2018 begins, including the second phase of tax cuts done in conjunction with last year’s hike of the gas tax.